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Global Masters Fund Limited
(Sydney:GFL)
Global Masters Fund Limited (GFL) vs. iShares MSCI Australia ETF (EWA)
Global Masters Fund Limited Business Overview & Revenue Model
Global Masters Fund Limited Financial Statement Overview
| Breakdown | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 | Jun 2020 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 564.06K | -168.44K | 1.15M | 589.91K | 346.31K |
| Gross Profit | 564.06K | -253.60K | 1.06M | 494.10K | 95.27K |
| EBITDA | 0.00 | -1.54M | 541.00K | 456.61K | 1.40M |
| Net Income | 755.62K | -1.37M | -618.36K | -1.21M | 934.80K |
Balance Sheet | |||||
| Total Assets | 64.24M | 54.47M | 47.25M | 38.44M | 32.58M |
| Cash, Cash Equivalents and Short-Term Investments | 2.75M | 77.74K | 161.60K | 190.55K | 414.28K |
| Total Debt | 8.85M | 9.10M | 8.68M | 8.31M | 0.00 |
| Total Liabilities | 20.57M | 17.92M | 15.37M | 12.40M | 5.49M |
| Stockholders Equity | 43.67M | 36.54M | 31.88M | 26.05M | 27.08M |
Cash Flow | |||||
| Free Cash Flow | -774.87K | -737.75K | -628.85K | -1.21M | -431.90K |
| Operating Cash Flow | -774.87K | -737.75K | -628.85K | -1.21M | -431.90K |
| Investing Cash Flow | 3.45M | 651.92K | 599.90K | -9.32M | 699.31K |
| Financing Cash Flow | 0.00 | 0.00 | 0.00 | 9.76M | 0.00 |
Global Masters Fund Limited Technical Analysis
Global Masters Fund Limited Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | AU$68.59M | 7.05 | 32.22% | 6.39% | 22.67% | 19.47% | |
72 Outperform | ― | 11.07 | 4.95% | 6.06% | -51.66% | -47.96% | |
69 Neutral | ― | 10.83 | 11.29% | 6.58% | 20.90% | 2.75% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
53 Neutral | AU$28.88M | 29.10 | 2.42% | 2.03% | 18.17% | ― | |
49 Neutral | ― | 83.51 | 1.88% | ― | 170.33% | ― |
Global Masters Fund Limited Corporate Events
Global Masters Fund Limited has executed an amendment to its Management Services Agreement with EC Pohl & Co Pty Ltd, following shareholder approval of related resolutions at the company’s annual general meeting on 25 November 2025. The formalisation of this deed of amendment signals an updated framework for the provision of management services, which may influence the fund’s cost structure, governance alignment and the ongoing relationship between the board, the manager and investors.
While specific commercial terms of the amended agreement were not disclosed in the announcement, the board’s explicit authorisation of the release underscores that this is a governance-driven change rather than an operational disruption. For stakeholders, including shareholders and prospective investors, the move indicates that Global Masters Fund is actively reviewing and updating its external management arrangements in line with shareholder mandates and broader corporate oversight practices.
The most recent analyst rating on (AU:GFL) stock is a Hold with a A$3.50 price target. To see the full list of analyst forecasts on Global Masters Fund Limited stock, see the AU:GFL Stock Forecast page.
Global Masters Fund Limited reported on its half-year to 31 December 2025, highlighting that its core Berkshire Hathaway holding sits within a broadly diversified global portfolio. The company reiterated its objective of long-term capital growth and its focus on preserving and enhancing net tangible asset backing per share.
The release set the fund’s performance in the context of a strong year for global risk assets, driven by easing trade frictions, robust artificial-intelligence enthusiasm and a rotation toward non-U.S. equities. It also noted Berkshire Hathaway’s leadership transition to Greg Abel, a new Alphabet position and a sizeable cash reserve, all of which shape the fund’s exposure and outlook amid ongoing macro and geopolitical uncertainty.
The most recent analyst rating on (AU:GFL) stock is a Hold with a A$3.50 price target. To see the full list of analyst forecasts on Global Masters Fund Limited stock, see the AU:GFL Stock Forecast page.
Global Masters Fund Limited reported a 17 per cent increase in operating revenue to $174,339 for the half year to 31 December 2025, but operating loss after tax widened to $760,617, and total comprehensive income swung from a $7.0 million profit to an $863,605 loss year on year. Earnings per share almost doubled in their negative result, and net tangible assets per share fell 7.2 per cent, reflecting weaker portfolio performance, adverse FX movements and costs linked to convertible notes and tax, while the company maintained its practice of not paying dividends.
Net tangible assets per share, calculated on tax for realised gains only, declined from 500.9 cents at 30 June 2025 to 479.5 cents at 31 December 2025, with portfolio returns reduced by foreign exchange losses and further eroded by convertible note expenses and income tax charges. The absence of a dividend, in line with the non-yielding nature of its core Berkshire Hathaway investment, underscores the fund’s reliance on capital growth rather than income, a dynamic that may concern income-focused investors during periods of market or currency volatility.
The most recent analyst rating on (AU:GFL) stock is a Hold with a A$3.50 price target. To see the full list of analyst forecasts on Global Masters Fund Limited stock, see the AU:GFL Stock Forecast page.
Global Masters Fund Limited reported an unaudited net tangible asset backing per share of 437.1 cents before estimated tax on unrealised gains and 358.5 cents after tax as at 31 January 2026, down from 479.5 cents and 388.4 cents respectively at the end of December 2025. The portfolio remains heavily concentrated, with 57.39% allocated to Berkshire Hathaway and 24.33% to the ECP Global Growth Fund, supplemented by smaller positions in a UK managed portfolio, Flagship Investments, NobleOak Life, and a flexible fund, plus 4.42% in cash, underscoring the fund’s long-term, buy-and-hold approach despite short-term NTA volatility.
The most recent analyst rating on (AU:GFL) stock is a Hold with a A$3.50 price target. To see the full list of analyst forecasts on Global Masters Fund Limited stock, see the AU:GFL Stock Forecast page.
Global Masters Fund Limited reported a 4.4% decrease in its pre-tax net tangible asset value to 484.8 cents per share for the quarter ended 31 December 2025, with the share price falling 6.58% as the underlying portfolio declined 6.87%. The quarterly weakness was driven mainly by negative returns from the ECP Global Growth Fund and the UK-managed portfolio, although Berkshire Hathaway was flat and several key technology and consumer names such as Meta, Adobe, Alphabet and Games Workshop delivered strong operational results. Despite the softer quarter, the portfolio has generated solid multi-year performance, comfortably outperforming the ASX All Ordinaries over three, five and ten years, while the fund remains heavily exposed to Berkshire Hathaway and global growth strategies. Management highlighted a supportive macro backdrop, with global equities finishing 2025 near record highs and signs of broadening beyond US mega-cap technology, which may benefit the fund’s international and value-oriented exposures. The company continues to promote its profile through digital channels and maintains a low management expense ratio and performance-based fees on active holdings, positioning it as a specialised vehicle for investors seeking diversified access to offshore growth assets.
The most recent analyst rating on (AU:GFL) stock is a Hold with a A$3.50 price target. To see the full list of analyst forecasts on Global Masters Fund Limited stock, see the AU:GFL Stock Forecast page.
Global Masters Fund Limited has lodged its quarterly report for the GFL Convertible Notes for the period ended 31 December 2025, confirming that the conversion price for the notes into ordinary shares remains unchanged at $3.10 and that 303,665 notes were converted during the quarter. The company reported a loan-to-value ratio of 9.36%, based on total debt of $8.3 million, cash and cash equivalents of $2.6 million, and marketable securities valued at $60.6 million, while also confirming full compliance with the note terms, trust deed and relevant Corporations Act provisions, and noting no adverse or material changes in its business or circumstances affecting noteholders.
The most recent analyst rating on (AU:GFL) stock is a Hold with a A$3.50 price target. To see the full list of analyst forecasts on Global Masters Fund Limited stock, see the AU:GFL Stock Forecast page.
Global Masters Fund Limited has applied for quotation on the ASX of 12,900 new ordinary fully paid shares, to trade under its existing ticker GFL from 13 January 2026. The small-scale issuance arises from the exercise or conversion of existing options or other convertible securities, modestly increasing the company’s free float and tradable capital base without indicating any broader change to its strategy or operations.
The most recent analyst rating on (AU:GFL) stock is a Hold with a A$3.50 price target. To see the full list of analyst forecasts on Global Masters Fund Limited stock, see the AU:GFL Stock Forecast page.
Global Masters Fund Limited reported an unaudited net tangible asset backing of 484.8 cents per share before tax and 382.3 cents after estimated tax on unrealised gains as at 31 December 2025, down from 501.9 cents and 394.1 cents respectively at the end of November. The latest disclosure underscores the fund’s continued concentration in Berkshire Hathaway, which accounts for more than half of the portfolio, alongside significant stakes in the ECP Global Growth Fund and other listed and managed vehicles, highlighting a disciplined, long-term investment stance despite the recent softening in NTA, which may signal short-term valuation pressure but an unchanged strategic positioning for investors.
The most recent analyst rating on (AU:GFL) stock is a Hold with a A$3.50 price target. To see the full list of analyst forecasts on Global Masters Fund Limited stock, see the AU:GFL Stock Forecast page.
Global Masters Fund Limited has announced a new interest payment and interest rate change for its convertible bond, GFLGA. The interest payment amount is set at AUD 0.0508, with key dates including an ex-date of December 19, 2025, a record date of December 22, 2025, and a payment date of December 31, 2025. This announcement may impact the company’s financial operations and stakeholder expectations, as it reflects the company’s ongoing financial strategies and commitments.
Global Masters Fund Limited reported an increase in its Net Tangible Asset (NTA) backing per share as of 30 November 2025, with figures rising to 501.9 cents before estimated tax on unrealized gains and 394.1 cents after tax. This improvement highlights the company’s robust investment strategy and its commitment to maintaining a strong portfolio, which includes a substantial stake in Berkshire Hathaway and other diversified investments, positioning it favorably in the market.